Lagos to reduce commute time through Omi Eko project — Sanwo-Olu

Lagos State Governor, Babajide Sanwo-Olu, has said the Omi Eko Project will significantly reduce travel time for residents, improve urban mobility and boost economic productivity across the state.

A statement by the Lagos statement Government said Governor Sanwo-Olu spoke while receiving a delegation from the European Investment Bank, EIB, led by its Vice President, Ambroise Fayolle, during a courtesy visit to Lagos House, Marina.

The governor commended the EIB for supporting the Omi Eko Project, describing the initiative as a transformative investment that will improve the quality of life of Lagos residents and strengthen the state’s transportation system.

According to him, the project aligns with his administration’s THEMES+ agenda, particularly the Transportation and Traffic Management pillar.

Sanwo-Olu noted that Lagos remains Nigeria’s commercial and economic centre and is increasingly attracting investments in technology, financial services, innovation and entrepreneurship.

He explained that the Omi Eko Project is a key component of the state’s plan to develop an integrated transportation network that combines road, rail and water transportation.

The governor said Lagos is determined to maximise the use of its waterways as an alternative mode of transportation, noting that about one-third of the state’s land area is covered by water.

“The Omi Eko Project would provide modern and climate-resilient water transport infrastructure, including upgraded ferry terminals, safer navigation channels and improved commuter services,” the governor said.  

The governor further explained that the project, which translates to “Water of Lagos”, is designed to unlock the economic potential of the state’s waterways while easing transportation challenges.

According to him, journeys that currently take up to two hours could be reduced to between 40 and 45 minutes upon completion of the project.

Sanwo-Olu described the initiative as a strategic investment and thanked the European Investment Bank, the African Development Bank and other development partners for supporting Lagos State’s efforts to build a sustainable and efficient transportation system.

He also stressed the need to provide residents with multiple transportation options in order to reduce pressure on existing road and rail infrastructure.

The governor further welcomed the EIB’s increasing investments in Nigeria’s small and medium-scale enterprise sector, describing SMEs as the engine of economic growth.

He referenced the recently concluded Lagos Investment Summit, which attracted local and foreign investors, and reaffirmed the state’s commitment to translating investment pledges into measurable economic benefits.

Earlier, EIB Vice President, Ambroise Fayolle, disclosed that Nigeria emerged as the bank’s largest country of operations in Africa in 2025, with total lending valued at €550 million.

He said the development underscores the growing partnership between Nigeria, the European Union and the European Investment Bank.

Fayolle also revealed that the bank recently signed a €200 million facility agreement with the Development Bank of Nigeria to support digital and green investments by micro, small and medium-sized enterprises.

He added that the EIB had also entered into a financing agreement with Wema Bank to improve access to finance for underserved businesses while encouraging environmentally sustainable business practices.

Speaking on the Omi Eko Project, Fayolle described it as one of the European Union’s flagship projects in Lagos.

He explained that the initiative is being funded by the European Investment Bank, the European Union and the French Development Agency (AFD).

According to him, the project will support the construction of modern ferry terminals and the deployment of electric boats to improve water transportation across Lagos State.

“The initiative is designed to reduce congestion, improve environmental sustainability and provide Lagos residents with a more efficient means of commuting, adding that the bank remains committed to supporting projects that promote economic growth, environmental resilience and improved living standards across Nigeria,” Fayolle said.  

Fayolle added that the bank remains committed to supporting projects that drive economic growth, strengthen environmental resilience and improve living standards across Nigeria.

To further strengthen ties and explore additional opportunities for sustainable development, the EIB delegation will undertake visits to selected projects in Lagos, including those supported through its collaboration with the Bank of Industry.